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Treasury crackdown on Bitcoin over concerns it is used to launder money

first_imgUntil now, anybody buying and selling bitcoins and other  digital currencies have been able to do so anonymously, making it attractive to criminals and tax avoiders. Ministers are launching a crackdown on the virtual currency Bitcoin amid growing concern it is being used to launder money and dodge tax. The Treasury has disclosed plans to regulate the Bitcoin that will force traders in so-called crypto-currencies to disclose their identities and report suspicious activity. center_img But the Treasury has now said it intends to begin regulating the virtual currency, which has a total value of £145 billion, to bring it in line with rules on anti-money laundering and counter-terrorism financial legislation. …last_img read more

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